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Vneshtorgbank's Chairman of the Board and CEO, Andrey Kostin told President Putin about the Bank's development outlook

3 June 2005

During a working meeting in the Kremlin, Andrey Kostin informed President Putin about Vneshtorgbank`s financial results achieved in 2004 and the Bank`s activities aimed at servicing households.

Also, Andrey Kostin told about a specialized Bank to be established within the VTB Group, which will start operating under the Vneshtorgbank 24 brand and will be oriented at offering retail services. "Its activities, said A.Kostin, will contribute to better servicing and wider lending of the households and small businesses through simplifying decision-making procedures and tailoring the Bank`s products to the customers` current needs. The Vneshtorgbank 24 brand was chosen not by random - in future we plan to apply most sophisticated technologies, including on-line facilities, offering households a 24-hour access to part of our services ".

Some other issues related to the current state of the Russian banking industry and its competitive growth potential on the international banking markets were discussed during the meeting. In particular, Vladimir Putin and Andrey Kostin shared views on reforming the system of Russian foreign banks and increasing their efficiency.

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